Home loan interest rates now hitting 9% – time to switch?
Key facts
- Seven lenders in Mozo's database now have standard variable rates (SVRs) higher than 9%.
- Switching from a 9% to 6% home loan could save you hundreds a month.
Home loan pain is reaching a fever pitch following the November RBA rate hike. Out of all the mortgage lenders that have increased their interest rates, Mozo has recorded 7 in our database whose standard variable rates (SVRs) are now over 9%. The rest mostly sit between 6% and 8%.
While this certainly isn’t historically the highest home loan interest rates have ever been – the eighties notoriously recorded interest rates over 12% – it’s still a new high for the post-pandemic housing recovery.
It’s important to note that SVRs are not always the same as the variable rates offered to different types of customers. First home buyers or buyers with loan-to-value ratios (LVRs) under 80% may receive lower rates than the SVR. The SVR is just a baseline rate used by the lender to set their basic home loan offer.
That being said, the SVR can be a critical bellwether of which way the market swings, and customers who are on SVRs higher than 8% or 9% could easily get into trouble if they can’t stay on top of their monthly repayments.
For the same owner-occupied home loan with a $500,000 principal and 25 year term, refinancing from a 9% interest rate to something closer to the current average in Mozo’s database (6.80% p.a.) could save borrowers $726 per month in payments. Dropping to the lowest rate of 5.59% saves $1,099 monthly.
Interest Rate | Monthly Repayments | Total Interest |
5.59% p.a. | $3,097 | $429,211 |
6.00% p.a. | $3,222 | $466,452 |
6.80% p.a. | $3,470 | $541,108 |
7.00% p.a. | $3,534 | $560,169 |
8.00% p.a. | $3,859 | $657,724 |
9.00% p.a. | $4,196 | $758,795 |
SVRs this high also have implications for the serviceability buffer test. When lenders assess home loan applications, they add 3% to the interest rate applied for to see if the borrower can still make repayments at that high bracket. If they can’t, their home loan application may be rejected. You might be able to afford an 8% or 9% home loan, but can you afford an 11% or 12% one?
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Can borrowers still save money on high interest rates?
Sitting idly on a rate that just climbs erodes the value of your home loan. While mortgages will always be a significant investment, it’s important that your loan still gives you the interest-saving features, knowledge, and benefits that serve your property goals – not just squeezes your wallet.
Knowledge is power, however. Plenty of home loans still fall under 6% – the lowest variable interest rate in Mozo’s database at the time of writing is 5.59% p.a. For those staving off mortgage stress, comparing home loans remains the best tool in a borrower's money-saving kit.
Stay on top of RBA rate changes with the Mozo RBA tracker. For more home loan statistics, head to our hub. Compare low rate home loans in the table below.
Home loan comparisons on Mozo
Promoted
-
Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.16 % p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.16% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Basic Home Loan
-
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
- 5.90 % p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- Interest rate
- 5.99% p.a. variable
- Comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Unloan Variable
-
Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.39 % p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.39% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Offset Home Loan
-
Special Real Deal Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
- Interest rate
-
6.19
%
p.a.
Variable
- Comparison rate
- 6.23 % p.a.
- Initial monthly repayment
-
$3,059
No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.
- Interest rate
- 6.19% p.a. variable
- Comparison rate
- 6.23% p.a.
- Upfront fees
- $595
- Ongoing fees
- $0.00
- Discharge fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - fees apply
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Special Real Deal Home Loan
-
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
- 5.90 % p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- Interest rate
- 5.99% p.a. variable
- Comparison rate
- 5.90% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Unloan Variable
-
Fixed Rate Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
- Interest rate
-
6.09
%
p.a.
Fixed 3 years
- Comparison rate
- 6.15 % p.a.
- Initial monthly repayment
-
$3,027
Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.
- Interest rate
-
6.09% p.a.
fixed 3 years
- Comparison rate
- 6.15% p.a.
- Upfront fees
- $798
- Ongoing fees
- $0.00
- Discharge fee
- $250.00
- Extra repayments
- yes - free up to $10,000 pa
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $50,000
- Maximum borrowing amount
- $2,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Fixed Rate Loan
-
Low Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR<80%
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.14 % p.a.
- Initial monthly repayment
-
$3,043
Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.14% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge fee
- $150.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $200,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- Up front fees waived from 1 May until 31 July 2024
Read our Mozo Review to learn more about this Low Rate Home Loan
-
Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.16 % p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.16% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Basic Home Loan
-
Mortgage Simplifier
- LVR<80%
- Owner Occupier
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.17 % p.a.
- Initial monthly repayment
-
$3,043
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.17% p.a.
- Upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $2,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Mortgage Simplifier
-
Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
- 6.39 % p.a.
- Initial monthly repayment
-
$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
- 6.14% p.a. variable
- Comparison rate
- 6.39% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Offset Home Loan
-
Discount Great Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR<80%
- over $150k
- Interest rate
-
6.19
%
p.a.
Variable
- Comparison rate
- 6.21 % p.a.
- Initial monthly repayment
-
$3,059
An easy to use Home Loan with no establishment fee and no monthly or annual fees. Minimum deposit of 20% is required. Mozo Experts Choice Awards - Investor Home Loan Award 2024^.
- Interest rate
- 6.19% p.a. variable
- Comparison rate
- 6.21% p.a.
- Upfront fees
- $180
- Ongoing fees
- $0.00
- Discharge fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $2,000 cashback for loans more than of equal to $250,000 with LVR <80%, or $2,500 cashback for loans more than or equal to $500,000 with LVR <80%. Applications from 1 June 2024, loan must be drawn down within 90 days from approval.
Read our Mozo Review to learn more about this Discount Great Rate Home Loan
-
Special Real Deal Home Loan
- Owner Occupier
- Principal & Interest
- LVR <80%
- Interest rate
-
6.19
%
p.a.
Variable
- Comparison rate
- 6.23 % p.a.
- Initial monthly repayment
-
$3,059
No application or service fees. Flexibility to choose your repayment schedule (weekly, fortnightly or monthly). Use multiple Everyday Accounts with 100% interest offset to pay your home loan off sooner.
- Interest rate
- 6.19% p.a. variable
- Comparison rate
- 6.23% p.a.
- Upfront fees
- $595
- Ongoing fees
- $0.00
- Discharge fee
- $250.00
- Extra repayments
- yes - free
- Redraw facility
- yes - fees apply
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Special Real Deal Home Loan
-
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
- 6.20 % p.a.
- Initial monthly repayment
-
$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
- Interest rate
-
6.25% p.a.
fixed 3 years
- Comparison rate
- 6.20% p.a.
- Upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Basic Home Loan
-
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
6.25
%
p.a.
Fixed 3 years
- Comparison rate
- 6.42 % p.a.
- Initial monthly repayment
-
$3,079
- Interest rate
-
6.25% p.a.
fixed 3 years
- Comparison rate
- 6.42% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special offers
- -
Read our Mozo Review to learn more about this Offset Home Loan
-
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.59
%
p.a.
Fixed 3 years
- Comparison rate
- 7.06 % p.a.
- Initial monthly repayment
-
$3,190
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.59% p.a.
fixed 3 years
- Comparison rate
- 7.06% p.a.
- Upfront fees
- $160
- Ongoing fees
- $0.00
- Discharge fee
- $160.00
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this Fixed Rate
Want to speak to someone about refinancing?
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Your selected interest rates
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.